Sydney

North Shore residential development site sells under the hammer for $4,010,000

2013-08-11T05:00:00Z

5-9 Waitara Avenue, Waitara has sold at auction today to a private developer

SYDNEY, 6 August 2013 – After strong bidding, a residential development site in Sydney’s North Shore has sold under the hammer today in a competitive auction for $4,010,000.

The substantial 1,833.7 sqm development site, which went to auction this morning in Sydney, is located at 5-9 Waitara Avenue, Waitara in close proximity to the Hornsby CBD and Westfield Shopping Centre, with a short 160m walk to the local Waitara train station.

According to the selling agent, Jones Lang LaSalle’s NSW Head of Sales and Investments for Metropolitan Capital Markets John Macree, there is currently strong interest in development sites in Sydney due to a number of factors.

“There is strong population growth projected for Sydney, and coupled with the residential accommodation shortage developers are certainly seeing the opportunity to capitalise on the current market demands.

“There is a general consensus that there is an undersupply of affordable housing in Sydney. A major pressure behind this is the shortage of supply from new developments, particularly major suburban centres well-serviced with transport options, such as Hornsby and Waitara,” said Mr Macree.

“Sydney and suburban centres remain a major destination for population growth from immigrants as well as domestic movements toward the Sydney region as an employment centre, which has seen demand for housing long exceeding supply.”

Mr Macree said residential development sites are also being driven by new government planning initiatives and a structural shift in demand.

According to dual selling agent, Jones Lang LaSalle’s Director, Sales and Investments Jeff Moxham, the 5-9 Waitara Avenue development property was appealing for developers due to its location.

“The site features close proximity to Waitara Railway station and shopping at nearby Hornby Westfield, coupled with being in a coveted quiet, residential location,” said Mr Moxham.

The site is made up of an amalgamation of three separate residential dwellings, including two older-style three-bedroom homes and one small commercial centre with parking.

All properties have short-term lease agreements in place, however the site is offered with vacant possession.​